California

NKF Capital Markets Brokers Sale of 142,856 SF Office Complex in Novato, California

by Amy Works August 31, 2018

NOVATO, CALIF. — NKF Capital Markets has arranged the sale of Rowland Plaza, located at 75 and 88 Rowland Way in Novato. Buchanan Street Partners sold the asset to Pinnacle Capital Management Services and Harrison Street for an undisclosed price. The property features 142,856 square feet of office and medical office space spread across two three-story buildings. At the time of sale, the asset was 82 percent leased to 12 tenants representing medical, finance, government and software firms. Grant Lammersen, Steven Golubchik, Edmund Najera and Tyler Meyerdirk of NKF Capital Markets represented the seller in the deal.

August 31, 2018

Acquisitions California Retail Western

Sterling Organization Buys 86,520 SF Shopping Center in Westlake Village for $35M

by Amy Works August 30, 2018

WESTLAKE VILLAGE, CALIF. — Sterling Organization has purchased North Ranch Gateway, a shopping center located at the intersection of Lindero Canyon Road and Thousand Oaks Boulevard in Westlake Village. The asset was acquired on behalf of Sterling Value Add Partners LLL, one of Sterling’s latest institutional funds, for $35 million Preston Fetrow and Sam Alison of CBRE brokered the transaction. Originally built in 1989, the 86,520-square-foot center recently underwent significant renovations. TJ Maxx, Bank of America, Dunkin’ Donuts, Subway, Baja Fresh Mexican Grill, 9 Round Kickboxing, Mathnasium and Domino’s Pizza are tenants at the property, which was 74 percent occupied at the time of sale.

August 30, 2018

California Industrial Leasing Activity Western

Ross Stores Leases 1 MSF Industrial Space in California’s Central Valley

by Amy Works August 30, 2018

SHAFTER, CALIF. — Ross Stores has signed a lease for 1 million square feet of industrial space at 4100 Express Ave. within Wonderful Industrial Park in Shafter. Ross has been an occupant of Wonderful Industrial Park, developed by Wonderful Real Estate Development, since 2014 and currently owns a 1.7 million-square-foot distribution center located near the newly leased property. The fully entitled, 1,625-acre Wonderful Industrial Park is a rail-served industrial development entitled for 26 million square feet. The property currently offers 7.6 million square feet of completed buildings. Additional tenants at Wonderful Industrial Park include Target, American Tire Distributors, Essendant, DMSI, MRC Global and Formica. The park features an on-site rail yard with more than 17,000 feet of track with direct access to Burlington Northern Santa Fe Railway’s mainline.

August 30, 2018

Acquisitions California Industrial Western

Levin Johnston Negotiates $3.4M Sale of Warehouse in San Jose

by Amy Works August 30, 2018

SAN JOSE, CALIF. — Levin Johnston of Marcus & Millichap has arranged the sale of a vacant industrial/flex warehouse located at 524 E. Brokhaw Road in San Jose. A private local investor sold the property to an undisclosed buyer for $3.4 million. Adam Levin of Levin Johnston represented the seller in the transaction. Situated on 0.73 acres, the 10,000-square-foot facility features 800 ampere, 120-240-volt heavy power, on-site parking and a fenced yard.

August 30, 2018

Acquisitions California Industrial Western

Realty Advisory Group Brokers Sale of 78,600 SF Industrial Asset in San Gabriel Valley

by Amy Works August 29, 2018

CITY OF INDUSTRY, CALIF. — Realty Advisory Group has arranged the sale of an industrial property located at 15250 Don Julian Road in City of Industry. Cordia Capital Management acquired the 78,600-square-foot property for an undisclosed price. Situated on 3.8 acres, the facility features 25-foot to 29-foot ceiling heights, seven dock-height positions and future divisibility. At the time of sale, Golden West Packaging Group fully occupied the property. Mark Repstad and John Repstad of Realty Advisory Group represented the undisclosed seller and the buyer in the transaction.

August 29, 2018

Acquisitions California Multifamily Western

Levin Johnston Arranges $7.6M Acquisition of Multifamily Community in Santa Clara, California

by Amy Works August 29, 2018

SANTA CLARA, CALIF. — Levin Johnston of Marcus & Millichap has negotiated the purchase of Claddagh Apartments, a multifamily property located at 1408 Reeve St. in Santa Clara. A local apartment group acquired the asset from an undisclosed seller for $7.6 million. Constructed in 1958, the property features 20 apartments in a mix of one- and two-bedroom layouts, a community pool, on-site laundry and covered parking. The buyer plans to reposition and renovate the property. Levin Johnston represented the buyer in the deal.

August 29, 2018

California Leasing Activity Office Western

Splunk Signs 301,000 SF Office Lease at 700 Santana Row in San Jose

by Amy Works August 28, 2018

SAN JOSE, CALIF. — Splunk Inc. has signed a long-term lease for 301,000 square feet of office space at 700 Santana Row. The 319,000-square-foot mixed-use building is under construction at the intersection of Santana Row and Olsen Drive in San Jose. Splunk is a publicly traded software company that creates applications for tracking big data. Developed by Federal Realty Investment Trust, 700 Santana Row is scheduled for delivery in 2019. The property will feature seven levels of office space above ground-floor retail space and a parking garage with approximately 1,300 spaces. San Francisco-based WRNS Studio designed the asset, which Devcon Construction is building. The all-concrete structure features 13-foot ceiling heights, a modern glass curtain wall, private terraces, a world-class urban plaza and is built to LEED Silver standards. Once completed, Santana Row will offer a total of 690,000 square feet of Class A office space, which is fully leased; 50 shops; 30 restaurants; nine personal service businesses; 615 rental apartments; 219 residential condominiums; and the 215-room Hotel Valencia.

August 28, 2018

Acquisitions Affordable Housing California Multifamily Western

AHF Buys Historic Hotel in Downtown Los Angeles to Repurpose as Affordable Housing

by Amy Works August 27, 2018

LOS ANGELES — AIDS Healthcare Foundation (AHF), through Healthy Housing Foundation by AHF, has purchased the historic Biltmore hotel located at 501 S. Los Angeles St. in downtown Los Angeles. The purchase price and seller were not disclosed. The buyer plans to convert 204-room hotel into residential units for homeless or extremely low-income individuals. Built in 1910, the hotel is the fourth property acquired by the Healthy Housing Foundation since October 2017 for use as homeless or low-income housing. Currently, the hotel has 76 tenants in residence, who will remain in place. The non-profit organization also owns the 150-room King Edward Hotel, the 202-room Madison Hotel and the 27-room Sunrise on Sunset hotel in Los Angeles.

August 27, 2018

Acquisitions California Retail Western

Charles Dunn Co. Negotiates $5.6M Sale of Retail Property in Norwalk, California

by Amy Works August 27, 2018

NORWALK, CALIF. — Charles Dunn Co. has brokered the sale of a single-tenant retail property, located at 12419 Norwalk Blvd. in Norwalk. TIMSA LLC sold the property to Hope & Happy LLC for $5.6 million, or $421 per square foot. Kyle Gulock and Matt Kramer of Charles Dunn Co.’s Bank Property Group represented the seller, while Juliet Shoham of Nelson Shelton & Associates represented the buyer. Bank of America has occupied the 13,298-square-foot, single-tenant property for more than 50 years and has four years remaining on its lease.

August 27, 2018

Acquisitions California Multifamily Western

S.R. Properties Acquires Apartment Asset in Los Angeles for $4.6M

by Amy Works August 27, 2018

LOS ANGELES — Stepp Commercial has arranged the sale of Washington Place Apartments, a multifamily property located at 11852 Washington Place in Los Angeles. Los Angeles-based Venetian Place LLC sold the property to Los Angeles-based S.R. Properties for $4.6 million, or $575,000 per unit. Built in 1990, the 11,482-square-foot property features six two-bedroom units and one one-bedroom unit, as well as a three-bedroom single-family house. Units feature balconies, wood floors, vaulted ceilings with skylights, stone countertops and a community backyard. Kimberly Stepp and Mark Ventre of Stepp Commercial represented the seller in the transaction.

August 27, 2018

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